Life Sciences

Industry Overview

Life Sciences

Accelerating Innovation in an Increasingly Volatile Sector

From early-stage biotechnology start-ups to large multinational pharmaceuticals, the life sciences industry relies on innovation to meet shifting demands in health and improve treatment outcomes around the globe. However, emerging and established risks force organizations to operate in a volatile environment. While navigating research and development challenges, supply chain impacts and barriers to commercial sales, businesses also find themselves swept up in the fight for talent.

Finding new ways to cost-effectively manage risk and attract and retain a digitally-savvy workforce will accelerate innovation to create greater efficiencies, develop personalized medical treatments and access new markets. But with ever-evolving regulation, governance and production interruptions impacting the pace of progress, businesses across this sector must be resilient, investing in end-to-end solutions for their risk and human capital, as well as workforce health and wellbeing to protect vital talent.

Top 5 Future Risks

Looking ahead to 2024, predicted risks for the life sciences industry include:

  • 01

    Cyber Attacks / Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

  • 02

    Regulatory / Legislative Changes

    In addition to already complex industry regulations, climate, digital asset, ESG, and privacy-related rules are generally growing tougher.

  • 03

    Business Interruption

    Previously, clients planned for isolated events. We now know business interruption can be systemic across an entire organization.

  • 04

    Failure to Innovate / Meet Customer Needs

    Fueled by the rapid digitalization of daily life, no industry is immune to changing consumer behaviors and expectations.

  • 05

    Economic Slowdown / Slow Recovery

    Despite a fast economic rebound from the initial depths of the pandemic, uncertainty, fueled by inflation, rising interest rates and bank closures, still reigns.

Article

A Game of Cat and Mouse: Outpacing Cyber Threats Across Industries

Business leaders at life sciences firms, financial institutions, technology, media and communications companies, and food, agribusiness and beverage organizations all face a surge in cyber threats and data breaches.

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Our Employee Wellbeing collection gives you access to the latest insights from Aon's human capital team. You can also reach out to the team at any time for assistance with your employee wellbeing needs.

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Regional Results

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Cyber Labs

Stay in the loop on today's most pressing cyber security matters.

Navigating Volatility

How do businesses navigate their way through new forms of volatility and make decisions that protect and grow their organizations?

Top 10 Global Risks

Trade, technology, weather and workforce stability are the central forces in today’s risk landscape.

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